For Insurance CIOs, It’s the Nightmare Before and After Christmas

We help insurance CIOs everyday with the one nightmare issue that disturbs their sleep most often: is this the month my legacy, Band-Aid-patched, workaround-filled so-called content management “solution” crashes for the last time and my IT group can’t resurrect it?

Many CIOs are spending precious resources just to keep the lights on with their outdated document systems, knowing they are missing out on the digital transformation that would bring in more customers.

The nightmare scenarios for insurance CIOs are numerous.

Manual and legacy systems house data in silos, with no integration, and no centrally based way to manage information and documents. Staff resources are spent on locating paper documents or searching through poorly patched systems, some designed BEFORE the internet. Outdated, pieced-together and slow, these systems deliver only a partial view of the data needed to open a new policy, process a claim or pay a commission.

Insurers must coordinate mountains of content – certificates of insurance, endorsements, claims photos, medical records, proof of identification, emails, spreadsheets and videos. Add in the internally generated content, such as print output for policies, correspondence, renewals, declination letters, claim settlement packages, litigation packages and more, and the amount of data for insurers to deal with is only going to multiply in the future.

Legacy systems do not take advantage of the time and resource savings afforded by process automation, which streamlines manual methods. The disruptive “insuretech” advances bring efficiency to agencies suffering with outdated processes that don’t deliver on decades-old promises.

Security threats and breaches are ever-present and most legacy systems were never built to withstand the current level of cyber-threats extant in all industries. Vulnerabilities in outdated solutions come with price tags in the thousands and millions.

Compliance issues in insurance have grown recently with GDPR and other state, national and global regulations. In Deloitte’s recent 2019 Insurance Regulatory Outlook, the analysts suggest that “No matter how ’modern’ a company’s existing compliance systems and processes might be, there is always room to improve.”

To accelerate digital transformation (and experience fewer sleepless nights), CIOs can rely on ImageSoft to implement a solution that integrates with modern core systems and business applications while it extends legacy systems. Our solution helps insurers manage the content, cases and processes in all areas – new business, underwriting, policy services, claims, compliance, and shared services – that core systems can’t. It has comprehensive enterprise content management capabilities such as data capture, document management, secure file sharing, and workflow and customer communication management. Look for more information about our solutions for life and property and casualty insurance, plus workers’ comp.